Govt coffers still swelling, just not as fast

The pace of growth in the government’s swelling tax coffers continued to slow in March, with the expected increases in corporate taxes and GST not quite eventuating. Core tax revenue rose 6.4% to $83.62 billion in the nine months ended March 31, primarily due to the nation’s low unemployment rate and rising wages driving up income tax by 11.4% to $35.08b, and the rapid pace of inflation meaning the government clipped a bigger ticket on goods and services, with goods and services tax (GST) up 8.9% to $20.87b. Still, that ca...